������ ����������� ���������������� �������������� ���������� ������� ���������� ����������������� �������� NEWS CIT’s Fate Rests in Hands of Bondholders CIT Group Inc. submitted a new plan that would wipe out a large chunk of the company’s outstanding debt. But if the company does not secure support for the plan, it may pursue bankruptcy proceedings, according to the company. According to a company statement, CIT is launching exchange offers for certain unsecured notes. The company is currently trying to drum up support from bondholders for the new plan. If it does not, it may file for bankruptcy protection. But the company said advisors to the steering committee said, “approximately $10 billion of outstanding unsecured indebtedness have already indicated their intention to participate in the exchange offer or vote for the prepackaged plan of reorganization.” CIT’s board of directors and steering committee of bondholders have approved a capital restructuring plan, which it hopes will improve the company’s liquidity and return it to profitability. “Upon completion of either alternative, CIT will be a well-funded bank holding company with a strong capital position and market-leading franchises,” said CIT Chairman and Chief Executive Officer Jeffrey M. Peek, in the statement, adding, “We have the liquidity to serve our small-business and middle-market clients throughout this process.” CIT is the largest factor to the apparel industry, financing approximately 60 percent of all transactions made between clothing manufacturers and retailers. Over the years, as factors have consolidated, CIT has become the major player in the factoring game. In July, CIT fell short of funds and turned to the federal government for a loan after already receiving a $2.3 billion federal bailout late last year. But the Obama administration denied the lender’s second request for funds.—Alison A. Nieder ��������������� �������������������������������������������� ����������������������������������� ��������������������� 4 CALIFORNIA APPAREL NEWS OCTOBER 2–8, 2009 *Denotes local events Oct. 2 *Kill City/Brian Lichtenberg launch party 7975 Melrose Ave. Los Angeles 6–10 p.m. Cost: N/A; event is invitationonly For information: kcmelrose@ killcity.net Oct. 3 *AIMS-Certified Job Training Program: Career Advancement Training, a three-week workshop presented by AIMS <strong>California</strong> Market Center, suite C786 Los Angeles 9 a.m.–3 p.m. Cost: $330 for FBI members; $395 for nonmembers For information: www. fashionbizinc.org *Los Angeles <strong>Apparel</strong> Business Workshop, presented by Frances Harder and Dana Fried <strong>California</strong> Market Center, suite C786 Los Angeles 9 a.m.–5 p.m. Cost: $225 for FBI members & students; $295 for nonmembers For information: www.fashionbizinc.org Oct. 5 *L.A. Majors Market <strong>California</strong> Market Center Los Angeles Through Oct. 7 Cost: free to the trade For information: www. californiamarketcenter.com *Directives West’s Spring 2<strong>01</strong>0 fashion show to review trends for Los Angeles Market <strong>California</strong> Market Center, Fashion Theater Los Angeles 8:30 a.m. (coffee/refreshments); 9 a.m. (fashion presentation) Cost: N/A; event is invitationonly For information: (212) 994-4660 Oct. 7 Trunk show and special appearance by Elisabetta Rogiani and Alicia Marie, featuring the Luminaire Collection Fall ’09 and introducing Alicia Marie by Rogiani The Sports Club/LA Irvine, Calif. 10 a.m.–2 p.m. Cost: free For information: (949) 250-7112 *European Textile Rendezvous Standard Hotel Los Angeles 10 a.m.–7 p.m. Through Oct. 8 Cost: free to the trade For information: (213) 624-2288 or ghita@renovazlo.com Oct. 8 *“Economic Crystal Ball,” <strong>California</strong> Fashion Association general membership meeting City Club Los Angeles 4:30 p.m. (networking); 5 p.m. (panel and Q&A); 6 p.m. (cocktails) Cost: free to industry professionals For information: www. californiafashionassociation.org, events@calfashion.org or (213) 688-6288 Oct. 13 “Cotton Tour 2009: How <strong>California</strong> Growers Weather Tough Climate,” sponsored by the Sustainable Cotton Project Various venues Los Banos, Calif. 8 a.m.–4 p.m. Cost: free to the trade For information: (530) 370-5325, marcia@ sustainablecotton.org or *GlobalTex: L.A. International Textile & Sourcing Fair Los Angeles Convention Center Los Angeles Through Oct. 15 Cost: free to the trade For information: www.globaltex. com *Market Tuesday <strong>California</strong> Market Center Los Angeles 9 a.m.–5 p.m. Cost: free to the trade For information: www. californiamarketcenter.com Oct. 14 *Trunk show and special appearance by Elisabetta Rogiani and Alicia Marie, featuring the Luminaire Collection Fall ’09 and introducing Alicia Marie by Rogiani The Shop by Pete’s Sportswear at The Sports Club/LA Los Angeles 10 a.m.–2 p.m. Cost: free For information: (310) 966-1721 Oct. 16 *Brighte Companies <strong>California</strong> Market Center Los Angeles Through Oct. 19 Cost: free to the trade For information: www. enkshows.com *Designers and Agents The New Mart Cooper Design Space Los Angeles Through Oct. 18 Cost: free to the trade For information: www. designersandagents.com *Los Angeles Fashion Market <strong>California</strong> Market Center The New Mart Cooper Design Space Gerry Building Lady Liberty Building Los Angeles Through Oct. 20 Cost: free to the trade For information: www. californiamarketcenter www.newmart.net www.cooperdesignspace.com www.gerrybuilding.com (310) 276-2282 (Lady Liberty) *Boutique Lingerie Gerry Building Los Angeles Through Oct. 19 Cost: free to the trade For information: www. boutiquelingerieshow.com Submissions to the calendar should be faxed to the Calendar Editor at (213) 623-5707. Please include the event’s name, date, time, location, admission price and contact information. The deadline for calendar submissions is the Tuesday prior to Friday publication. Inclusion in the calendar is subject to available space and the judgment of the editorial staff. POSTMASTER: Send address changes to: CALIFORNIA APPAREL NEWS, Customer Service, PO Box 4419, Orlando, FL 32802. CALIFORNIA APPAREL NEWS ® : (ISSN 0008-0896) Published by MnM PUBLISHING CORP. APPAREL NEWS GROUP Publishers of: <strong>California</strong> <strong>Apparel</strong> <strong>News</strong> ® , Market Week Magazine ® , New Resources ® , Water wear ® , New York <strong>Apparel</strong> <strong>News</strong> ® , Dallas <strong>Apparel</strong> <strong>News</strong> ® , <strong>Apparel</strong> <strong>News</strong> South ® , Chicago <strong>Apparel</strong> <strong>News</strong> ® , The <strong>Apparel</strong> <strong>News</strong> (National), Bridal <strong>Apparel</strong> <strong>News</strong> ® , Southwest Images ® , Stylist ® and MAN (Men’s <strong>Apparel</strong> <strong>News</strong> ® ). Properties of MnM PUBLISHING CORP., <strong>California</strong> Market Center, 110 E. Ninth St., Suite A777, Los Angeles, CA 90079, (213) 627-3737. © Copyright 2009 MnM Publishing Corp. All ������������������ ������������������������ ���������������������� Calendar ������������������������������������������������������������������������������������������������� ���������������������������������������������� There’s more on <strong>Apparel</strong><strong>News</strong>.net. rights reserved. Pub lished weekly except semi-weekly first week of January, second week of July and first week of September. Periodicals Postage Paid at Los Angeles, CA, and addition additional entry offices. The publishers of the paper do not assume responsibility for statements made by their advertisers in business competition. Opinions expressed in signed editorial columns or articles do not necessarily reflect the opinions of the publishers. Subscription rates: U.S.: 1 year, $89; 2 years, $140. Foreign: $180 U.S. funds (1-year subscription only). Single-copy price $3.50. 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